This is one of the most difficult types of structures as far as agency law is concerned because an LLC can resemble a sole proprietorship or a corporation depending on the structure and daily management. There are many variations in the way an LLC is managed.
There are two basic types of corporate entities, an S corporation and a C corporation. An LLC, S corporation, and a C corporation can act as entities in and of themselves. The differences between the S. And C corporation have to do with tax structures, but in many other aspects they are identical. They have the right to conduct business as if they are separate from the individuals within them. This means that the corporation can also incur legal liability arising from the actions of one of its representatives (Thompson, 2003). These are the basic forms of corporation in the United States. However, there are other differences in other countries around the globe. The ways in which these entities are defined in terms of agency law differ as well.
E-business and the Global Legal Environment
These differences in the application of agency law in the e-business environment have led to the formation of several sets of International laws and agreements. The Uniform Electronic Transactions Act (UETA) applies to transactions where the computer itself acts as an agent and responds to consumer requests, such as an auto responder. The federal Electronic Signature in Global and National Commerce Act defines...
There are many sets of International agreements that have arisen from e-business and agency law. The American Arbitration Association is an organization that helps businesses operate under the relevant bodies of legal agreements that may impact a transaction (AAA, 2006).
The effectiveness of any legal doctrine is in its ability to produce outcomes that are acceptable to all parties. The outcomes must agree with the precepts of basic human morality and the common good. Legal doctrines arise from necessity. Legal doctrines are dynamic and must be constantly updated to meet the needs of society. The only thing for certain is that agency law will continue to change as these changes in society and the global marketplace reach maturity in the future.
Works Cited
American Arbitration Association (AAA) (2006). International Dispute Resolution Procedures (Including Mediation and Arbitration Rules). Amended and Effective 1 May, 2006. Retrieved September 30, 2006 at http://www.adr.org/.
Demott, D. (2006). Agency Law in Cyberspace. In Press. Australian Law Journal 80. Retrieved September 30, 2006 at http://eprints.law.duke.edu/archive/00001322/01/80_Aus._Lw._J.pdf.
Thompson, Robert B., "Agency Law and Asset Partitioning." University of Cincinnati Law Review, 2003 Available at SSRN:
http://ssrn.com/abstract=429620or DOI: 10.2139/ssrn.429620.
